Answer:
e. Tips and gratuities
Explanation:
You must include in your gross income all wages and benefits, salaries and tips received in respect of performance services as an employee. Once you get tips, the tip money you get will be payed by you for Medicare and social security. For the IRS, tips is just like wages to become a taxable income.
Tips and gratuities are not excluded from gross income and are considered taxable income, unlike the other mentioned amounts such as veterans' benefits, child support payments, gifts, and scholarship grants for tuition which are typically not taxed.
The question asks which of the following amounts are excluded from gross income, except:
Veterans' benefitsChild support paymentsGiftsScholarship grants for tuitionTips and gratuitiesAll of the mentioned amounts are generally excluded from gross income except for tips and gratuities, which are considered taxable income and must be reported. Tips and gratuities are commonly received by employees in certain industries like hospitality and service sectors and are subject to income tax; therefore, they are not excluded from gross income.
In a fragmented industry A. prices increase as new competitors enter the market. B. the experience curve is ineffective in reducing costs. C. no firm has large market share. D. economies of scale are rarely used to reduce costs. E. companies avoid integration to further reduce costs.
In a fragmented industry, C. no single firm has a large market share. Firms in such industries do not drive prices up nor significantly employ economies of scale due to high competition and specialization.
In a fragmented industry, the characteristic scenario is that no firm has large market share. Firms are unable to fully leverage economies of scale, and as such, when new competitors enter, they do not cause prices to rise, but rather increase competition which could lead to lower prices. Additionally, integration strategies to reduce costs are less frequent in fragmented industries, as firms typically focus on their niche without substantial market power.
Whereas, in industries where economies of scale play a significant role, firms that expand production can lower costs and drive out less efficient, smaller competitors. This often ends with only a few firms dominating the market, benefiting from lower production costs and often resulting in limited room for new entrants due to high startup costs, brand recognition barriers, and other factors that contribute to high minimum efficient scales.
Suppose you short-sell 300 shares of XYZ stock at $30.19 with a commission charge of 0.5%. Supposing you pay commission charges for purchasing the security to cover the short-sale, how much profit have you made if you close the short-sale at a price of $29.87?
Answer:
$5.91
Explanation:
Data provided in the question:
Number of shares sold = 300
Selling price = $30.19
Commission charge = 0.5% = 0.005
Purchasing price = $29.87
Now,
Total selling price = 300 × $30.19
= $9057
Proceeds from selling =Total selling price - Commission
= $9057 - [0.005 × $9057 ]
= $9,011.715
Now
Purchasing price of the shares = 300 × $29.87 = $8,961
Total amount paid for purchasing
= Purchasing price of the shares + Commission
= $8,961 + [0.005 × $8,961 ]
= $8,961 + $44.805
= $9,005.805
Hence,
Profit = Proceeds from selling - Total amount paid for purchasing
= $9,011.715 - $9,005.805
= $5.91
The profit that you would make if you close the sale at this price is $5.9
The number of shares of the stock that was short sold = 300
charge of commission = 0.5%
The selling price = $30.19
The closing price = $29.87
The amount made = 300 x 30.19
= $9057
Gains made from the sale
= 9057 - [0.5% x 9057]
= 9057 - 45.285
= 9011.7
The closing price x number of shares
= 29.87 x 300
= 8961 dollars
Similarly,
8961 + [0.005 x 8961]
= 8961 + 44.805
= 9005.8
The difference = 9011.7 - 9005.8
= $5.9
In conclusion the amount of profit made is $5.9
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The difference between the profit margin controllable by a segment manager and the segment profit margin is caused by:
variable operating expenses.
sales revenue.
fixed expenses traceable to the segment but controllable by others.
allocated common expenses.
fixed expenses controllable by the segment manager.
Answer:
The fixed expenses that can be traced to the segment but also controllable by others.
Explanation:
The answer to the question is:
The fixed expenses that can be traced to the segment but also controllable by others.
This fixed expenses controllable by others is also called a non-controllable expense for the segment manager. This is because it cannot be unilaterally determined or controlled by a department, a segment or an individual manger. It is open to external control or input from other segments.
However, the other items: Variable operating expenses, sales revenue, fixed expenses controllable by the segment manager and allocated common expenses are tracked to and controlled by the segment manager.
The difference between the profit margin controlled by a segment manager and the segment profit margin is generally due to fixed expenses tied to the segment but controlled by others. These aren't usually operating expenses, sales revenue, common expenses, or expenses controlled by the segment manager, as those are often controlled by the segment manager.
Explanation:The difference between the profit margin controllable by a segment manager and the segment profit margin is largely caused by fixed expenses that are traceable to the segment but are controlled by others. These are typically expenses that relate to the overall operation of the company, but are allocated to a specific segment. An example might be rent on a building the segment uses but doesn't control, or the salary of a higher management position that has oversight over multiple segments.
It's not typically due to variable operating expenses or sales revenue, as those are often within the control of the segment manager. Similarly, it's not usually due to allocated common expenses or fixed expenses controllable by the segment manager, as those again tend to be within the control of the segment manager.
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Wilson, Inc., has a current stock price of $46.00. For the past year, the company had net income of $6,800,000, total equity of $21,690,000, sales of $40,100,000, and 5.2 million shares of stock outstanding.
1. What are eamings per share (EPS)? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.)
2. What is the price-eamings ratio? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
1. What are eamings per share (EPS)? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.)
Answer: $ 1.31 / share
2. What is the price-eamings ratio? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer: 35.11
Explanation:
Earning Per Share (EPS) = Net Income - Preferred dividends / Outstanding Number of Share
Earning Per Share (EPS) = $6,800,000 - 0 / 5,200,000 shares
Earning Per Share (EPS) = $6,800,000 / 5,200,000 shares
Earning Per Share (EPS) = $1.31 / share
Price earning ratio = Share price / Earning per share
Price earning ratio = $46 per share / $1.31 per share
Price earning ratio = $46 / $1.31
Price earning ratio = 35.11
A Supply Chain is best described by which of the following: a. A group of cooperative carriers b. A group of collaborative companies c. A formal association of competitive companiesd. Two firms who create a strategic alliance
Answer:
B- A group of collaborative companies.
Explanation:
Supply chain is a network which involves different companies collaborating at different points. Total 6 elements are involved in supply chain network:
SupplierManufacturerDistributorwholesaler Retailer ConsumerExcept consumer, at every stage a different company is involved and collaborating with the other company to gain profit.
The returns on the Bledsoe Small-Cap Fund are the most volatile of all the mutual funds offered in the 401(k) plan. Why would you ever want to invest in this fund? When you examine the expenses of the mutual funds, you will notice that this fund also has the highest expenses. Does this affect your decision to invest in this fund?
Answer:
The yields are perhaps the most unpredictable for the small cap fund since the securities in this account are the most risky. It does not mean that the fund is awful, only that the danger is greater, and thus the overall return is greater.If you are prepared to accept the extra risk in expectancy of a greater return, you should like to put money in this fund. The increased costs for this Fund will be anticipated.Small cap funds typically have higher spending due largely to greater operating costs, along with lower resource analysis.
With the passage of Title VII of the Civil Rights Act of 1964, the Reconstruction Civil Rights Acts were no longer available as a means to pursue a claim of discrimination based on race.
a. True
b. False
Answer: B. False
Explanation: The Reconstruction Civil Rights Acts prohibits discrimination in making and enforcing contracts; prohibits the denial of civil rights by someone behaving as if they are acting on behalf of the government (under-color-of-state law); and prohibit concerted activity to deny someone their rights, based on race. Sections 1981 and 1983 of the Reconstruction Civil Rights Acts are the laws most frequently applied in the employment setting if a claim is not brought forth using Title VII. Though Title VII as part of a comprehensive statutory scheme to prohibit race and other discrimination, is the preferred method of enforcing employment discrimination claims.
The statement is false; Title VII of the Civil Rights Act of 1964 did not eliminate earlier Reconstruction Civil Rights Acts but rather added to the protections against employment discrimination.
Explanation:The statement that "With the passage of Title VII of the Civil Rights Act of 1964, the Reconstruction Civil Rights Acts were no longer available as a means to pursue a claim of discrimination based on race" is false. Title VII of the Civil Rights Act of 1964 added protections against discrimination in employment on the basis of race, color, national origin, religion, and sex, and it did not render the earlier Reconstruction Civil Rights Acts obsolete. Instead, it complemented and strengthened the existing laws that were put in place during the Reconstruction era, such as the Civil Rights Act of 1866 and the Civil Rights Act of 1875, which aimed to protect the rights of African Americans after the Civil War.
The earlier Civil Rights Acts, including those from the Reconstruction era, were designed to provide African Americans with a legal framework for civil rights and to combat discrimination. Although the effectiveness of these earlier acts was undermined over time due to various factors, including Supreme Court decisions that limited their scope, they were not repealed by the passage of Title VII and remained part of the legal landscape for addressing discrimination.
At the beginning of the project, it may not be possible to estimate the costs for all activities with a level of confidence regarding their accuracy. This is especially true for_________.
Answer: Longer-term project
Explanation:
At the beginning of a project, it may not be possible to estimate the costs for all activities with some levels of confidence regarding their accuracy if the project isn't a short-term project, because it's not really possible to accurately fortell the costs of unforseeable outcomes and factors that may affect the project in one way or the other in the long run.
Donald produces nails at a cost of $200 per ton. If he sells the nails for $350 per ton, his producer surplus per ton isA. $350.B. $200.C. $550.D. $150.
Answer:
The correct answer is letter "D": $150.
Explanation:
Producer Surplus is the difference between the price at which a producer sells a product and the minimum price a producer would have accepted for the product. The surplus comes from the producer being able to sell its products at a higher market price than its minimum price.
Thus, in the example:
Producer surplus = $350 - $200
Producer surplus = $150
Unrealized Loss on Trading Investments a.is reported on the income statement in the operating expenses area. b.is reported on the balance sheet. c.is not significant enough to be reported. d.is reported on the income statement separately or as a part of Other Income and Expense.
Answer: D. is reported on the income statement separately, or as a part of Other Income and Expense, depending on its significance.
Explanation: Unrealized losses are losses that have been inputted on paper, but the corresponding transactions have not been completed. They are also known as paper loss, due to their being recorded on paper; and are changes in the value of assets or liabilities that have not yet been settled. They are reported on the income statement separately or as a part of other income and expense (accumulated comprehensive income), usually found in the equity section of the balance sheet.
A common theme in the Asian culture is the emphasis on harmony and collectivism, as a result, the ________ form of decision making is typically used. A. top-down B. decentralizedC. centralized D. committee E. autocratic
Answer:
committee
Explanation:
The process in which a whole collection is involved in making the best and most rational decision is called committee decision making.
These committees should decide jointly about the best strategic arrangement, and the whole process should be done in agreement, unity, and harmony. Members should have the spirit of collectivism, should respect other people's decision and all share their input regarding the decision.
In Asian cultures, which emphasize collectivism and harmony, a centralized form of decision-making is typically utilized, reflecting the cultural preference for group consensus and respect for hierarchical structures in decision-making processes.
A common theme in the Asian culture is the emphasis on harmony and collectivism; as a result, the centralized form of decision making is typically used. Collectivism in cultures, especially in some Asian contexts, values the group over the individual and emphasizes group harmony and collective decision-making processes. This cultural preference aligns with practices like nemawashi in Japan, where consensus-building within a group is prioritized before making a decision. Such approaches contribute towards a more centralized decision-making style, where decisions may be deliberated in a group but ultimately, there is a central authority or hierarchy that plays a significant role in the final decision. This contrasts with more individualistic cultures where decentralized or autonomous decision-making processes are more common.
An engineer places $7,000 at the end of every year into a retirement account for 22 years. If the account into which the savings was placed earns 9% per year, how much was in the account at the end of the engineer's career? Express your answer in $ to the nearest $1,000.
Answer:
$440,113.37
Explanation:
Since the engineer is placing $7,000 at the end of every year for the 22 years, therefore the amount which will be saved by him at the end of 22 years shall be determined through the future value of annuity formula which is given as follows:
Amount after 22 years=R[((1+i)^n-1)/i]
In the given question
R=amount saved by engineer per year=$7,000
i=interest rate involved=9%
n=number of payment to be made=22
Amount after 22 years=7,000[((1+9%)^22-1)/9%]
=$440,113.37
To find the amount in the engineer's retirement account at the end of their career, you can use the compound interest formula with the given details.
Explanation:The amount in the account at the end of the engineer's career can be calculated using compound interest formula:
Principal amount: $7,000 annually for 22 yearsInterest rate: 9%Time period: 22 yearsThe formula to calculate the final amount is: $7,000 * [(1 + 0.09)^22 - 1] / 0.09By calculating the above formula, the engineer would have approximately $440113.36 in the retirement account at the end of their career.
You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires monthly payments and has an APR of 6% per year. What will your monthly payment be if you take this mortgage? how much interest is paid off in your first mortgage payment?
Answer:
Monthly repayment (P) = $1,798.65
Interest Paid off in First Mortgage = $107,919.09
Explanation:
Monthly repayment (P) = rA / [1 − (1+r)^-n]
where
A = Loan Amount
r = monthly interest rate
n = loan duration in months
A = House Cost - down payment
= $350,000 - $50,000 = $300,000
r = 6% = 6%/12 = 0.005
n = 30-years = 30 x 12 = 360 months
Monthly repayment (P) = 0.005($300,000)/ [1 − (1+0.005)^-360]
Monthly repayment (P) = $1,500/ [1 − (1.005)^-360]
Monthly repayment (P) = $1,500/ [1 − 0.166041928]
Monthly repayment (P) = $1,500/ 0.833958072
Monthly repayment (P) = $1,798.651575
Monthly repayment (P) = $1,798.65
To Calculate Interest Paid off in First Mortgage Payment
if there is no down payment
Loan Amoun will be $350,000
Monthly repayment (P) = rA / [1 − (1+r)^-n]
Monthly repayment (P) = 0.005($350,000)/ [1 − (1+0.005)^-360]
Monthly repayment P) = $1,750/ [1 − (1.005)^-360]
Monthly repayment (P) = $1,750/ [1 − 0.166041928]
Monthly repayment (P) = $1,750/ 0.833958072
Monthly repayment (P) = $2,098.426838
Monthly repayment (P) = $2,098.43
Total Payment if loan is $350,000 = $2,098.426838 x 360 = $755,433.6617
Total Payment if loan is $300,000 = $1,798.651575 x 360 = $647,514.5670
Interest Paid off in First Mortgage
Payment = $755,433.6617 - $647,514.5670 = $107,919.0947
= $107,919.09
Final answer:
The monthly payment for a 30-year mortgage on a $350,000 house with a $50,000 down payment at a 6% APR is $1,798.65. The interest paid in the first payment is $1,500.
Explanation:
To calculate the monthly mortgage payment for a house with a purchase price of $350,000, a down payment of $50,000, and a 30-year mortgage with an APR of 6%, you can use the formula for the monthly payment on an amortizing loan:
[tex]PMT = \frac{P * (r(1+r)^{n})}{((1+r)^{n - 1})}[/tex]
Where:
PMT is the monthly paymentP is the loan amount (purchase price minus down payment)r is the monthly interest rate (annual rate divided by 12)n is the total number of payments (loan term in years multiplied by 12)Using this formula, with P = $300,000 ($350,000 - $50,000), r = 0.005 (6% / 12 months), and n = 360 (30 years * 12 months), the monthly payment is:
[tex]PMT = \frac{\$300,000 * (0.005(1+0.005)^{360})}{((1+0.005)^{360 - 1})} = $1,798.65[/tex]
Your first mortgage payment would include interest based on the initial loan balance. For the first payment, the interest portion is calculated as $300,000 * 0.005 = $1,500. This means that out of your first payment of $1,798.65, $1,500 goes towards interest and the rest ($298.65) goes to reduce your principal balance.
Actionable intelligence is the primary goal of modern- day Business Intelligence (BI) systems vs. historical reporting that characterized Management Information Systems (MIS). True False
Answer:
True
Explanation:
Info that may be monitored is actionable intelligence which also involves undertaking a tactical Plan to make the most of the data that is collected.BI (Business Intelligence) is a series of processes, architectures and innovations which transmutes raw data into useful information which promotes lucrative business activities. This is a services and software bundle to turn data to actionable intelligence.
Answer:
True
Explanation:
Management Information Systems (MIS) is a computerized based management system which is used to coordinate, control, analysis, and visualize information in an organization and to also make financial decision by organizing and programming the system in such that it produces reports regularly for effective management of an organization. In doing these analysis and coordination tasks, it involves business Intelligence (BI) systems and historical reporting of the company.
1 Madison Harris, the owner, invested $6,800 cash and $33,800 of photography equipment in the company in exchange for common stock. 2 The company paid $2,400 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $910 cash. 20 The company received $3,631 cash in photography fees earned. 31 The company paid $705 cash for August utilities. Prepare an August 31 trial balance for Pose-for-Pics.
Answer:
Trial Balance
Account DEBIT CREDIT
Cash 6,416** -
Account Receivable
Prepaid Insurance 2,400 -
Supplies 910
Equipment 33800
Common Stock 40600*
photography fees 3631
utilities expense 705
TOTAL 44,231 44,231
Explanation:
*Common stock:
6,800 cash + 33,800 equipment = 40,600 total investment
**to calculate cash we need to do a T account
CASH
DEBIT CREDIT
6800
2400
910
3631
705
10,431 4,015
BAL: 6,416
The rest of the account are just used once so we do't have to do T-accounts to keep track of them
The price of a stock on February 1 is $84. A trader buys 200 put options on the stock with a strike price of $90 when the option price is $10. The options are exercised when the stock price is $85. The trader’s net profit or loss is:
A.Loss of $1,000
B.Loss of $2,000
C.Gain of $200
D.Gain of $1000
Answer:
The net loss of the trader amounts to $1,000, which means the correct option is A
Explanation:
The payoff is computed as:
Payoff = Strike price - Option's Stock price
where
Strike price is $90
Option's Stock Price is $85
Putting the values above:
Payoff = $90 - $85
= $5 per option
The trader bought 200 options, so the payoff would be:
Payoff = Options × Price per option
= 200 × $5
= $1,000
And the option cost would be:
Option cost = Options × Option Price
= 200 × $10
= $2,000
So, there computing net loss or gain as:
Net loss or gain = Payoff - Option cost
= $1,000 - $2,000
= $1,000 ( net loss)
Therefore, the correct option is A
The trader bought 200 put options and sold them at a loss due to the cost of obtaining the options, resulting in a total loss of $1,000.
Explanation:In this scenario, you purchased 200 put options. Put options give you the right to sell a stock at a set price. In this case, it was $90. You then exercised those options when the stock was $85. So, you essentially bought the stock for $85 and sold it for $90, netting you $5 profit per option. However, you initially paid $10 for each option. So, each put option resulted in a net loss of $5 ($5 profit - $10 cost). With 200 put options, your total loss would be $1,000 (200 options x $5 loss per option).
A. Loss of $1,000
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Explain how each of the following transactions generates two entries—a credit and a debit—in the American balance of payments accounts, and describe how each entry would be classified: a. An American buys a share of German stock, paying by writing a check on an account with a Swiss bank. b. An American buys a share of German stock, paying the seller with a check on an American bank. c. The French government carries out an official foreign exchange intervention in which it uses dollars held in an American bank to buy French currency from its citizens. d. A tourist from Detroit buys a meal at an expensive restaurant in Lyons, France, paying with a traveler's check. e. A California winegrower contributes a case of cabernet sauvignon for a London wine tasting. f. A U.S.-owned factory in Britain uses local earnings to buy additional machinery.
The balance of payments records transactions including credit and debit entries for various international exchanges involving services, goods, financial instruments, and unilateral transfers. These transactions illustrate economic activities that impact the trade balance, current account, and financial accounts, demonstrating the complexity of international finance.
Explanation:The balance of payments is a record of all transactions made between entities in one country and the rest of the world over a specific period. Each transaction results in a credit and a debit in the balance of payments accounts. Here's how the given transactions generate entries in the American balance of payments accounts:
An American buys a share of German stock, paying by writing a check on an account with a Swiss bank: Debit in the financial account (capital outflow as the payment goes out), and credit in the balance of payments (a reduction in U.S. liabilities, as the Swiss bank account is debited).An American buys a share of German stock, paying the seller with a check on an American bank: Debit in the financial account (capital outflow to Germany), and credit in the U.S. bank liabilities (as the bank's assets are reduced).The French government carries out an official foreign exchange intervention using dollars held in an American bank to buy French currency: Debit in the reserve assets of the U.S. (use of U.S. currency reserves), and credit in the financial account (decrease in foreign holdings of the dollar).A tourist from Detroit pays for a meal in France with a traveler's check: Debit in the current account (service import - the meal), and credit in the financial account (decrease in foreign liability as the traveler's check is used).A California winegrower donates wine for a London tasting: Debit in the current account (goods export without a financial counterentry, is treated as a gift), and credit in unilateral transfers (as it is a gift to the U.K.).A U.S.-owned factory in Britain uses local earnings to buy additional machinery: Debit in the financial account (investment abroad), and credit in the firm's reinvestment (earnings not repatriated).These transactions reflect economic activities that affect the trade balance, the current account, and financial accounts differently, showing the intricacies of international financial flows.
The balance of payments accounts record all economic transactions between residents of a country and the rest of the world over a specific period.
These transactions are categorized into two main accounts: the current account, which includes trade in goods and services, income receipts and payments, and unilateral transfers; and the capital account, which includes capital transfers and the acquisition and disposal of non-produced, non-financial assets. Each transaction has two entries: a credit (an increase in foreign exchange receipts or a decrease in payments) and a debit (an increase in foreign exchange payments or a decrease in receipts).
a. An American buys a share of German stock, paying by writing a check on an account with a Swiss bank.
- Credit: The purchase of foreign stock is a capital outflow and is recorded as a debit in the capital account.
- Debit: The payment for the stock from a Swiss bank account is a financial outflow and is recorded as a credit in the financial account.
b. An American buys a share of German stock, paying the seller with a check on an American bank.
- Credit: This is also a capital outflow (debit in the capital account) as in (a).
- Debit: The payment from an American bank account does not affect the foreign exchange position and is not recorded in the balance of payments.
c. The French government carries out an official foreign exchange intervention in which it uses dollars held in an American bank to buy French currency from its citizens.
- Credit: The French government's purchase of its own currency using dollars is a reserve asset (an increase in official reserve assets is a credit in the financial account).
- Debit: The dollars used in the transaction are a decrease in liabilities to foreign official institutions and are recorded as a debit in the financial account.
d. A tourist from Detroit buys a meal at an expensive restaurant in Lyons, France, paying with a traveler's check.
- Credit: The purchase of a service (meal) by a foreigner in the home country is an export of services (credit in the current account).
- Debit: The payment for the meal with a traveler's check is a decrease in foreign exchange reserves or an increase in liabilities and is recorded as a debit in the financial account.
e. A California winegrower contributes a case of cabernet sauvignon for a London wine tasting.
- Credit: The contribution of wine is considered an export of goods (credit in the current account).
- Debit: There is no direct payment, but the value of the wine is recorded as a debit in the current account, offsetting the credit for the export.
f. A U.S.-owned factory in Britain uses local earnings to buy additional machinery.
- Credit: The purchase of machinery by a foreign subsidiary using local earnings is a direct investment (credit in the financial account).
- Debit: The expenditure on machinery is also a direct investment (debit in the financial account), but since it is financed with local earnings, it does not affect the balance of payments.
In summary, each transaction involves both a credit and a debit entry in the balance of payments, and these entries are classified according to the nature of the transaction, whether it affects the current account, capital account, or financial account.
Altima, Inc. finished Job A40 on the last working day of the year. It utilized $ 360 of direct materials and $ 2 comma 030 of direct labor. Altima uses a predetermined overhead allocation rate based on direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a ________. A. debit to Finished Goods Inventory $ 3 comma 202 and a credit to Materials Inventory $ 3 comma 202 B. debit to Cost of Goods Sold $ 3 comma 202 and a credit to Finished Goods Inventory $ 3 comma 202 C. debit to Finished Goods Inventory $ 3 comma 202 and a credit to WorkminusinminusProcess Inventory $ 3 comma 202 D. debit to WorkminusinminusProcess Inventory $ 3 comma 202 and a credit to Finished Goods Inventory $ 3 comma 202
Answer:
C. debit to Finished Goods Inventory $ 3 comma 202 and a credit to Work minus Process Inventory $ 3 comma 202
Explanation:
The journal entry is shown below:
Finished goods inventory A/c Dr $3,202
To Work in process inventory A/c $3,202
(Being the job is completed)
The computation is shown below:
= Direct material cost + Direct labor cost + manufacturing overhead cost
= $360 + $2,030 + $2,030 × 40%
= $360 + $2,030 + $812
= $3,202
The Madden Company uses a process costing system. During September the mixing department transferred out 65,000 units. The September 30th work-in-process inventory in the mixing department consisted of 22,000 equivalent units of material and 20,150 equivalent units of labor and overhead. The cost per equivalent unit was $5.50 for materials and $5.00 for labor and overhead.
The total balance in the work-in-process inventory account on September 30th was______.
Answer:
Total balance in the work-in-process inventory account on September 30th was $ 121000 + $ 110825= $ 231825
Explanation:
Cost per equivalent unit for material = $ 5.50
Equivalent units of materials = 22,000
Cost of Materials = $ 121,000
Cost per equivalent unit for labor and overhead = $ 5.50
Equivalent units of materials = 20,150
Cost of labor and FOH = $ 110825
Total balance in the work-in-process inventory account on September 30th was = Material + Labor + OH= $ 121000 + $ 110825= $ 231825
Culture makes organizations feel different from one another. Different companies, even companies in the same industry, just do things differently. You can experience this for yourself by going to two local supermarkets—one a part of a large chain and the other locally owned. Look around you. Does someone offer to help you when you walk in the door? Do the employees seem happier at one location compared to the other? Do people wear uniforms at one place but not at the other? All of these things can give you clues about the company’s culture.
Organizational culture includes values, visions, norms, and interactions among employees and is observed through company policies and employee behaviors. Subcultures within an organization may influence employee commitment and the overall culture is shaped by both observable practices and deeper values and assumptions. Understanding a company's culture is crucial for aligning employee experiences with their expectations.
Organizational culture is the set of shared values, norms, and practices that dictate how things are done within an organization. It encompasses various elements including the company policies, employee interactions, reward systems, and other observable characteristics. Learning and understanding an organization's culture often starts with observing its artifacts, however, a deeper understanding requires an insight into the values and assumptions that drive employee behaviors and decision-making processes.
Companies may also have different subcultures depending on departments or geographic locations, which can influence employees' commitment and attitudes toward the organization. The industry context can affect the organizational culture but does not determine it completely. Practices like dress codes, communication styles, and openness to questioning authority can vastly vary from one organization to another, which in turn affects the overall company culture.
Different organizations may have rules and policies that signal their culture. For instance, companies extending benefits to part-time workers signal that they value work-life balance and employee well-being. An organization’s culture is a critical aspect for potential employees to consider as it shapes their experience and aligns with their personal values and work preferences.
Ray Bond sells handcrafted yard decorations at county fairs. The variable cost to make these is $20 each, and he sells them for $50. The cost to rent a booth at the fair is $150. How many of these must Ray sell to break even
Answer:
5 units
Explanation:
Breakeven point is the point or number of units sold that makes the cost equal with the revenue generated. In other words, it is the point in which the profit or loss made by an entity is 0.
Given;
Variable cost per unit = $20
Selling price per unit = $50
Fixed cost = cost of rent = $150
Let the number of units to be sold be c
Total revenue = 50c
total cost = 20c + 150
To break even, total revenue = total cost
20c + 150 = 50c
50c - 20c = 150
30c = 150
c = 5
Ray must sell 5 units to break even.
Tom, Angela, and Peter want to become co-owners of a business enterprise. Compare their personal liability for the debts incurred by the enterprise if they organize as: a. A general partnership. b. A limited partnership. c. An LLC. d. An S Corporation.
Answer and explanation:
Liabilities are those responsibilities companies incur as a result of the operations of their business. Depending on how entities are settled, liability could be limited or unlimited. Limited liability means that in front of debt, the firm owners' personal assets are not considered for the repayment of the debt. On the other hand, if the company has unlimited liability, the debt does not only passes to the company but also to the owners' personal property.
Different types of organizations have different types of liabilities as follows:
A) A general partnership - Unlimited Liability
B) A limited partnership - Limited Liability
C) An LLC (Limited Liability Company) - Limited Liability
D) An S Corporation - Unlimited Liability
Final answer:
This response explains the personal liability implications for partners in different business structures.
Explanation:
Comparison of Personal Liability in Different Business Structures
A. General Partnership: In a general partnership, all partners have unlimited personal liability for the debts and obligations of the business. Each partner is personally responsible for all the business's debts.
B. Limited Partnership: In a limited partnership, there are both general and limited partners. General partners have unlimited personal liability, while limited partners' liability is limited to their investment in the partnership.
C. LLC: In a Limited Liability Company (LLC), owners have limited personal liability, similar to that of shareholders in a corporation. Their personal assets are generally protected from business debts and obligations.
D. S Corporation: In an S Corporation, shareholders have limited personal liability for the company's debts and obligations, similar to shareholders in a regular corporation.
The 2018 financial statements of BNSF Railway Company report total revenues of $19,548 million, accounts receivable of $1,189 million for 2018 and $955 million for 2017. The company’s accounts receivable turnover for 2018 is:A) 16.4 daysB) 20.5 timesC) 18.2 daysD) 18.2 timesE) None of the above
Answer:
D) 18.2 times
Explanation:
The accounts receivable turnover is determined by dividing the total credit revenues by the average receivables.
The average receivables is the sum of the opening and closing receivable balances divided by 2.
The average receivables is ( $ 1,189 + $ 955) / 2 = $ 1,072
The total revenues in the absence of other information is considered as credit sales.
Average receivables turnover = $ 19,548 / $ 1,072 = 18.24 times
Producer surplus is the difference between a. the market price and the minimum price a buyer is willing to pay b. the market price and the minimum price a seller is willing to accept. c. the maximum price a seller is willing to accept and the market price. d. the maximum price a buyer is willing to pay and the market price
Answer:
b. the market price and the minimum price a seller is willing to accept
Explanation:
The formula to find out the producer surplus is shown below:
Producer surplus = Market price - minimum price to sell the goods
It shows a difference between the market price and the minimum price for accepting the price
Let us take an example, the market price is $10 and the minimum price for accepting the price is $5
So, the producer surplus equal to
= $10 - $5
= $5
Inflation can impose significant costs and adversely distort economic systems. Identify whether costs and distorting, effects the menu costs, shoe leather costs or unit of account costs.
Inflation can lead to significant costs and distortions, manifesting as menu costs, shoe leather costs, and unit of account costs. Menu costs relate to the expense of frequently changing prices, shoe leather costs arise from the physical inconvenience of dealing with inflation, and unit of account costs refer to the difficulty in assessing value over time because of inflation.
Explanation:Inflation, indeed, can impose significant costs and create a distortion across economic systems. The costs and distorting effects can involve menu costs, shoe leather costs, and units of account costs.
Menu Costs: These are costs businesses incur due to changing their prices frequently in a high inflation environment. It includes actual printing costs, as well as indirect costs like customer confusion or irritation as prices fluctuate often.Shoe Leather Costs: This term is a metaphorical representation of the costs of managing cash in an environment of high inflation. The name represents the idea of shoes degrading faster (thus needing replacement) when one needs to go to the bank more often to withdraw money, as money loses value quickly.Unit of Account costs: With high inflation, it becomes difficult to assess the true value of goods and services over time, as the currency used to measure these values is continuously losing its worth. This results in decreased effectiveness of the monetary unit as a stable measure of value.Learn more about Costs and Effects of Inflation here:https://brainly.com/question/32565632
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On a public ballot, a state legislature places a question relating to legalization of marijuana for medicinal use. In addition, the legislature passes a law that bans corporations from advertising in favor of or opposing the ballot question. T
he basis for this ban is to ensure that corporations do not have too much influence on the voters. Is the ordinance constitutional?
a.Yes, because commercial speech has only partial First Amendment protection.
b.No, because it concerns a question on a public ballot.
c.Yes, because the government is advancing a substantial government interest.
d.No, because the ban includes advertising that may not be protected by the First Amendment.
e.No, because the government has banned politically oriented commercial speech.
Answer:
The ordinance is NOT constitutional because the ban includes advertising that may not be protected by the first amendment.
Explanation:
First Amendment: This is law that prevents the government from making a law which prohibit the free exercise of religion or freedom of speech. It was further extended by the supreme court in 1976 to cover commercial speech
Answer: The answer is d
Explanation:
The constitution of any given nation prescribes the behaviour of officials of government and the entire citizenry. It is the basis on which other laws derive their legality or otherwise. It is also a reference point for adjudging a course of action as being constitutional or otherwise. In the constitution there are some fundamental human right which are guaranteed by the constitution one of them is the freedom of speech, it states that every person shall be entitled to freedom of expression including freedom to hold opinion and to receive information without interference. The doctrine of commercial speech fall under the freedom of speech. Therefore, In this question , the question is , is the ban constitutional or not constitutional, the ban is not constitutional because the ban includes advertising that may not be protected by the first Amendment.
Siamtop Inc. offers a 15-year coupon bond with semiannual payments. The yield to maturity is 7.34 percent and the bonds sell at 96 percent of par. What is the coupon rate?
A. 6.90 percent
B. 5.80 percent
C. 6.40 percent
D. 7.50 percent
Answer:
A. 6.90 percent
Explanation:
Yield to maturity = [Annual Interest + (Par value - Market Value)/ no of year to Maturity ] / [(Par value - Market Value)/2]
0.0734 = [ Annual Interest + ( 100% - 96% ) / 15 ] / [ (100% + 98% ) / 2]
0.0734 = [ Annual Interest + ( 1.00 - 0.96 ) / 15 ] / [ (1.00 + 0.98 ) / 2]
0.0734 = [ Annual Interest + ( 0.04 ) / 15 ] / [ 1.98 / 2]
0.0734 = [ Annual Interest + 0.0027 ] / 0.99
0.0734 x 0.99 = Annual Interest + 0.0027
0.072666 - 0.0027 = Annual Interest
Annual Interest = 0.069966 = 7% (Rounded off)
Bank A (Dollars in Millions) Balance Statement Assets Liabilities and Equity Cash $ 850 Deposits $6,475 Securities $1,925 Other Borrowings $1,645 Loans $5,400 Equity $1,030 Other assets $ 975 Total Assets $ 9,150 Total Liabilities and Equity $ 9,150 Income Statement: Interest on Loans $ 450 Interest on securities $ 95 Interest Expense $ 246 Noninterest Income $ 78 Noninterest Expense $ 112 Provision for loan loss $ 35 Taxes $ 115 Net Income (NI) $115
A) Determine Bank A’s ROA?
B) Determine Bank A’s ROE ?
C) The bank’s profit margin is ?
D) The bank’s utilization is ?
Answer:
ROA = Net Income/Total Assets = $115/$9,150 × 100 = 1.25%ROE = Net Income/Shareholder Equity = $115/1,030 × 100 = 11.16%Profit Margin = Net Income/Net Revenue = $115/($450+$95+$78) $623 × 100 = 18.45%Utilization = Net Revenue/Total Assets = $623/$9,150 × 100 = 6.8%Explanation:
Returns on Assets (ROA): Profit percentage of total revenue earned from assets only. The higher the percentage the better for the company because it shows that company is using it's assets effectively.Return on Equity (ROE): Profit percentage of total revenue earned from shareholder's investment. It's a vital ratio for investors to analyze when they are deciding to invest in a company.Profit Margin: It shows the percentage of the actual profit in the revenue minus all costs.Utilization: It is the percentage to show that how effectively a company has utilized i'ts assets to earn profit.This answer provides calculations for Bank A's ROA (1.26%), ROE (11.17%), Profit Margin (14.8%), and Utilization (59.02%).
Explanation:The subject of this question is banking, a financial aspect of Business. Here's how to calculate each requested value:
Return On Assets (ROA) is found by dividing Net Income by Total Assets. So, ROA = Net Income / Total Assets = $115 / $9,150 = 0.0126 or 1.26%. Return On Equity (ROE) is calculated by dividing Net Income by Equity. So, ROE = Net Income / Equity = $115 / $1,030 = 0.1117 or 11.17%. The bank's Profit Margin is calculated by dividing Net Income by (Interest on Loans + Interest on Securities + Non-interest Income). So, Profit margin = Net Income / (Interest Income + Non-interest Income) = $115 / ($450 + $95 + $78) = 0.148 or 14.8%. The bank's Utilization is calculated by dividing Loans by Total Assets. So, Utilization = Loans / Total Assets = $5,400 / $9,150 = 0.5902 or 59.02%. Learn more about Bank Financial Metrics here:
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Physical capital differs from raw materials in the sense that raw materials A. have a longer useful life in production B. are considered human capital C. cannot be used to produce goods and services D. are used up in production E. are not a resource used in production
Answer:
D. are used up in production
Explanation:
Raw materials can be seen as the "ingredients" required to produce a good and, thus, are consumable (used up in production). Physical capital refers to lasting goods that are assist the production process like buildings or machinery and are not consumable.
Indicate the effect each account has on retained earnings. (increase, decrease, or no effect)
a)advertising expense
b)Service revenue
c) Insurance expense
d) Salaries & Wages Expense
e) Dividends
f) Rent revenue
g) Utilities Expense
Answer:
Decrease:
a)advertising expense
c) Insurance expense
d) Salaries & Wages Expense
g) Utilities Expens
Descrease:
e) Dividends
Increase:
b)Service revenue
f) Rent revenue
Explanation:
The retained earnings accumulates the net income of every year.
As net income is determinate like:
revenues - expense = gross profit
expense will make this difference lower and therefore not beign able to help you These are the changes for:
adv expense
service revenue
insurance exepense salaries and wages
Dividends will also decrease RE as they represent a disribution of the accumualted earnings in favor of the stockholders
Finally revenues increase it as they make net income to increase as well.
Revenues increase retained earnings while expenses and dividends decrease them. The accounts in the question are either expense or revenue accounts, hence they either increase or decrease retained earnings respectively.
Explanation:Retained earnings represent the cumulative net income of a company that is retained by the company after the distribution of dividends to shareholders. Each account has a different effect on retained earnings:
Advertising Expense: This is an expense account and would decrease retained earnings.Service Revenue: This is a revenue account and would increase retained earnings.Insurance Expense: Being an expense account, it would decrease retained earnings.Salaries & Wages Expense: This is an expense account and thus would decrease retained earnings.Dividends: Dividends are paid out of retained earnings and therefore decrease these earnings.Rent Revenue: As a revenue account, this would increase retained earnings.Utilities Expense: This is an expense account, leading to a decrease in retained earnings.It's important to understand that revenue accounts increase retained earnings while expense accounts and dividends decrease it. This is because retained earnings are part of equity, which is determined by the formula: Equity = Assets - Liabilities. Revenues increase equity, while expenses and dividends reduce it.
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